GUARANTY OF PERFORMANCE MARBELLA RANCH PARCEL 3.PDF

When Recorded Return To:
Maricopa County Planning and Development Department
501 North 44th Street, Suite 200
Phoenix, Arizona 85008
Attention: Darren Gerard
Maricopa County Department of Transportation
2901 West Durango Street
Phoenix, Arizona 85009
Attention: Michele Kogl
GUARANTY OF PERFORMANCE
(Marbella Ranch Parcel 3)
Date: The date of this GUARANTY OF PERFORMANCE (the "GUARANTY") is April 25, 2019.
Parties: The parties to this Guaranty are as follows:
Marbella Ranch Limited Partnership, a Delaware Limited Partnership ("Principal");
and
Meritage Homes of Arizona, Inc., an Arizona corporation ("Surety");
and
Maricopa County, a political subdivision of the State of Arizona ("Beneficiary").
RECITALS
WHEREAS, Principal holds fee title to certain real property approximately depicted on Exhibit A,
and legally described on Exhibit B ("Property'), which Property is commonly known as Marbella
Ranch 3; and
WHEREAS, Surety is under contract to purchase the Property;; and
WHEREAS, Principal now seeks subdivision plat approval for the final plat of the Property (the
"Final Plat"); and

WHEREAS, A.R.S. §11-821(C) requires that the subdivision regulations of Beneficiary condition
subdivision plat approval on the developer providing "assurances or such other security as may
be appropriate and necessary to ensure the installation of required street, sewer, electric and
water utilities, drainage, flood control and improvements meeting established minimum
standards of design and construction;" and
WHEREAS, A.R.S. §11-822 provides that no subdivision plat may be recorded until approved by
the board of supervisors and that "approval of the board shall be endorsed in writing on the
plat and shall also include specific identification and approval of the assurances;" and
WHEREAS, this Guaranty is being offered to satisfy the statutory requirement for assurance that
"required street, sewer, electric and water utilities, drainage, flood control and improvements
meeting established minimum standards of design and construction;" are ensured.
NOW, THEREFORE, in consideration of the above premises and the mutual covenants,
agreements and guarantees contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Obligation to Install. Principal shall install, pursuant to appropriate permits and to all
applicable standards established by Beneficiary, all improvements as depicted on the
Final Plat for the Property (the "Onsite Improvements").
2. Assurance of Performance. Pursuant to Chapter 3, Section 304 of the Subdivision
Regulations for the Unincorporated Area of Maricopa County, in the event Principal
shall fail, by October 21, 2019 (the "Expiration Date"), to install all Onsite
Improvements as provided in paragraph 1 above, then and in such event, Surety shall,
by the Expiration Date, either (i) install all such Onsite Improvements; or (ii) provide
financial assurance or assurances of performance of the obligation to install the
Onsite Improvements, said assurance or assurances to be provided in cash, bond or
letter of credit and in a form reasonably acceptable to Beneficiary and as further
provided in Chapter 2, Section 203.2(i) of the Subdivision Regulations for the
Unincorporated Area of Maricopa County ("Substitute Assurance").
3. This Guaranty shall remain in full force and effect, and shall not be subject to
cancellation either by the Principal or by the Surety, until the earlier of the Expiration
Date or until a Substitute Assurance has been provided to Beneficiary. Upon the
Expiration Date or Beneficiary's receipt of the Substitute Assurance, this Guaranty
shall automatically terminate. In addition, and notwithstanding anything in this
Guaranty to the contrary, if the Maricopa County Board of Supervisors has not
approved the Final Plat by August 22, 2019, the Principal shall withdraw its application
for approval of the Final Plat and this Guaranty shall automatically terminate.
4. This Guaranty will allow approval of the Final Plat by the Maricopa County Board of
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Supervisors; provided all requirements applicable to subdivision plats for property
located in unincorporated Maricopa County have been satisfied. However, in no
event shall the Final Plat for the Property be recorded unless and until this Guaranty
shall have been replaced with the Substitute Assurance.
5. In the event that either (i) the Onsite Improvements have not been installed by the
Expiration Date; or (ii) the Substitute Assurance has not been provided to Beneficiary
by the Expiration Date, then and in such event, and as Beneficiary's and Principal's
sole and exclusive remedy, the Maricopa County Board of Supervisors' approval of the
Final Plat shall, by its terms, be null and void and of no further effect. Except as
expressly provided in this paragraph, Beneficiary and Principal hereby waive all
remedies at law or in equity that they have or may have against Surety or the Property
arising from or related to this Guaranty or Surety's failure, by the Expiration Date, to
either install the Onsite Improvements or to provide the Substitute Assurance.
6. This Guaranty shall inure to the benefit of Beneficiary only and no other party shall
acquire any rights hereunder.
7. The provisions and exhibits of this Guaranty shall be construed as a whole consistent
with their plain meaning and intent, and they shall not be construed against one party
or another based upon which party prepared or influenced the drafting of any
provision or exhibit of this Guaranty.
8. This Guaranty, together with any exhibits attached hereto, constitutes the entire
contract and agreement between the parties with respect to the subject matter
hereof. All terms, conditions, representations, warranties, understandings and
Interpretations regarding the subject matter hereof contained in any other written or
oral communications between the parties are superseded hereby.
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IN WITNESS WHEREOF, the parties have executed this Guaranty as of the date set forth
above.
PRINCIPAL:
Marbella Ranch Limited Partnership,
a Delaware Limited Partnership
STATE OF ARIZONA )
) ss.
County of Maricopa )
On this day of ' 1' 1' 6"-1 , 20 c?, before me personally appeared
r..1 , the V---( of
Marbella Ranch Limited Partnership, a Delaware Limited Partnership, for and on behalf thereof,
whose identity was proven to me on the basis of satisfactory evidence to be the person who he
or she claims to be, and acknowledged that he or she signed the above/attached document.
•
Pu lic (E-In
OFFICIAL SEAL
RENAE LINDLEY
Notary Public - Arizona
MAR1COPA COUNTY
Commission #552558
My Commission Expires
AUGUST 1 2022 .41
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SURETY:
Meritage Homes of Arizona, Inc., an Arizona corporation
By:
Name: 5/2,cc- LE 'Z '
Title: VicE 1)(2Esd57--
STATE OF ARIZONA
) ss.
County of Maricopa
On this 54' day of , 20 /, , before me personally appeared
c r,rair , the Vice grrsae," of
Meritage Homes of Arizona, Inc., an Arizona corporation, for and on behalf thereof, whose
identity was proven to me on the basis of satisfactory evidence to be the person who he or she
claims to be, and acknowledged that he or she signed the above/attached document.
DIFfflartreaRM
Notay Public - State ciArizona
MARICOPA COUNTY
My Commission Expires
August 25, 2018 Notary Public
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BENEFICIARY:
Accepted and approved for Maricopa County
By:
Chairman, Board of Supervisors
Attest:
By:
Clerk of the Maricopa County Board of Supervisors
Approved as Form:
Deputy County Attorney
STATE OF ARIZONA )
) ss.
County of Maricopa )
On this . day of , 20 before me personally appeared
the Chairman of the Board of Supervisors of
Maricopa County, a political subdivision of the State of Arizona, for and on behalf thereof, whose
identity was proven to me on the basis of satisfactory evidence to be the person who he or she
claims to be, and acknowledged that he or she signed the above/attached document.
Notary Public
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Exhibit A
Marbella Ranch
NORTHERN AVENUE
MARBELLA RANCH
180± AC
DYSART DRAIN •••
13
PARCEL 3 PARCEL 4
30.8± AC 34.8± AC 39V/31W
PARCEL 2-2 avoli
17.5± AC
PARCEL I
4 I .6± AC
PARCEL 2- I
22.5± AC
NORTH GLENDALE AVENUE
Overall Scale: Exhibit NTS 4„EPS 2045 un 5. Vineiard t4118, AZ 85210 Ave,'
fr4 Marbella Ranch 6RIIIP www,epsig rAtUstna29)1rAmsal2150 rouptc, com
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Exhibit B
Legal Description of Marbella Ranch Parcel 3
Legal Description
Marbella Ranch
Parcel 3
Job No. 18-063 December 4, 2018
A portion of the southeast quarter of Section 2, Township 2 North, Range 1 West, Gila and Salt
River Meridian, Maricopa County, Arizona, more particularly described as follows:
COMMENCING at a brass cap flush at the south quarter-corner of said Section 2, from which a
brass cap in handhole at the southeast corner of said Section 2 bears South 89 degrees 02
minutes 56 seconds East, 2606.75 feet;
thence along the west line of Marbella Ranch Parcel 2 — Phase 1 per Book 1340, Page 1, Official
Records of Maricopa County, North 0 degrees 57 minutes 19 seconds East, 399.85 feet;
thence continuing along said west line, North 0 degrees 31 minutes 50 seconds West, 997.53 feet
to the northwest corner of said Marbella Ranch Parcel 2 — Phase 1, said point being the POINT
OF BEGINNING;
thence North 0 degrees 31 minutes 55 seconds West, 696.27 feet;
thence North 0 degrees 54 minutes 39 seconds East, 399.84 feet;
thence South 89 degrees 05 minutes 15 seconds East, 1209.22 feet;
thence South 1 degrees 22 minutes 11 seconds East, 1097.55 feet;
thence North 89 degrees 03 minutes 02 seconds West, 1235.36 feet to the POINT OF BEGINNING.
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